Trump’s Truth Social media company posts $327m first-quarter loss

Trump Media and Technology Group, which owns Truth Social, says focus is ‘long-term product development’ rather than revenue

Trump Media and Technology Group, the owner of Donald Trump’s social networking site Truth Social, lost more than $300m last quarter, according to its first earnings report as a publicly traded company.

For the three-month period that ended 31 March, the company posted a loss of $327.6m, which it said included $311m in non-cash expenses related to its merger with a company called Digital World, which was essentially a pile of cash looking for a target to merge with.